During the week ending May 31, prices of imported iron ore in the Chinese market started to move on a stable trend, while prices of domestic production iron ore in Liaoning and Tangshan have continued to drop, though falling by a significantly reduced margin of RMB 10/mt ($1.6/mt) compared to the week-on-week decrease seen in the previous week.
At present, Indian fine ores of 63.5 percent grade are offered at $154.8/mt at Qingdao port, while Australian lump ores of 62 percent or 63 percent grade are priced at $161.1/mt. Meanwhile, the quotation of 66 percent iron ore concentrate in Tangshan is at $131.1/mt, while the price of the similar product stands at $115.3/mt in Beipiao, both excluding VAT. Prices of both domestic production and imported iron ore in China can be viewed in the SteelOrbis price reports section.
China's National Development and Reform Commission (NDRC) has lately accelerated its approval of new projects, and this has to some extent boosted confidence in the steel markets and in the raw material markets, with prices of finished steel and iron ore in China consequently seeing greater stability. However, while iron ore buyers have increased their inquiries, they still remain cautious. Overall, it is thought that iron ore prices in China may rebound slightly in the coming period.